Polygon Labs Lays Off 19% Of Its Workforce Making Strategic Shifts To Enhance Organizational Structure
Marc Boiron, CEO of Polygon Labs announced laying off employees affecting 19% of its workforce on February 1 for the sake of Polygon Labs’ “enhanced performance”
According to his recent blog post, Boiron stated that it’s been difficult but it was necessary to let go of roughly 19% — about 100 people — of the team members at Polygon. He also added that the layoffs were not because of any financial reason but an attempt to create an “efficient surgical team, with significantly less bureaucracy”.
“This decision is not an easy one. Right-sizing for the sake of enhanced performance, rather than for financial reasons, may seem unconventional,” said Boiron.
In addition, Boiron also explained that to fulfill their goal, they would require the utmost concentration, efficiency, devotion, and agility. And the only way to accomplish this is to reduce the size of its team.
Boiron did not state what staff members would be affected by the layoffs at the time but he said that he would share the information as soon as possible based on what employees chose to opt in. Following the announcement, Polygon co-founder Sandeep Nailwal also posted via X that the cuts were “a necessary step to take Polygon Labs back to its ‘underdog’ roots.”
Last Month, Polygon Labs declared that all employees’ salaries would increase by at least 15% as a sign of the company’s commitment to the remaining team members.
Meanwhile, Polygon Ventures and Polygon ID (formerly a part of Polygon Labs), are bound to separate. After changing names to P2 Ventures, Polygon Ventures remains its focus on the Polygon ecosystem while making investments in web3 early-stage startups.
In addition, the company revealed its partnership with Fox Corporation to introduce Verify, a blockchain-based platform that will bargain with AI companies for content licensing agreements.
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